There’s a good news for home buyers…!!!
SBI (State Bank of India) has launched an finance guarantee scheme known as “Residential Builder Finance with Buyer Guarantee Scheme”.
Under this scheme, SBI will refund the principal amount of loan, just in case your real estate developer fails to deliver your property in an assured time. Some key points would be :
- This refund scheme is valid ONLY till occupation certificate is occupied by the builder.
- Scheme is valid only for the property having market value up to ₹2.5crores.
- Real estate developer too can borrow money from ₹50 crores till ₹400 crores.
- Customer can take benefit of this scheme only if they buy property with the developer who signed MOU with bank.
SBI has also lowered their home loan interest rate to 7.8% p.a., so as to welcome new customers. For now, this refund scheme is available only in 10 cities. It will be expanded in other cities too.